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CryptoAllDay Review - is it scam or safe?

CryptoAllDay Review - Is cryptoallday.com scam or safe cryptocurrency exchange?

RATING: 1 / 15 REVIEWS CryptoAllDay
CryptoAllDay is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

Account type Minimum deposit Maximum leverage Spread
Light $250 / 0.04 BTC 1:5 Approximately 1.75%*
Standard $500 / 0.07 BTC 1:5 Approximately 1.75%*
Premium $2,500 / 0.36 BTC 1:5 Approximately 1.75%*
VIP Super $5,000 / 0.73 BTC 1:5 Approximately 1.75%*

 *we got to this level after testing their platform. Different account types don’t provide better trading conditions, but external benefits.

 

Crypto All Day is an interesting company, which is hard to assess at first sight. We had trouble figuring out if this is a cryptocurrency exchange or a forex broker, offering only crypto CFDs (there is a huge difference between the two). Upon a closer look one could find they put a great emphasis on managing their clients’ investments. This leaves us questioning their credibility. Check the full review for all the details.

 

CryptoAllDay Advantages

 

Nice charting 

Trading with this company is done via a web-based interface. Despite our multiple issues with CryptoAllDay (which we will cover below), we have to give them credit for the choice of charting package. Old school traders may prefer having a desktop application (or program), but even they admit TradingView is a great tool for technical analysis. 

 

How you trade at CryptoAllDay

 

Many crypto-to-crypto pairs

The trading instruments at CryptoAllDay are only cryptocurrencies. They are: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, DogeCoin, Bytecoin, Dash, Monero, NEO and Quazar.  They are paired in multiple variants, but we suspect these are CFDs and not the actual coins (i.e. this isn’t an exchange, but a forex broker, which only offers crypto).

 

Crypto payments accepted 

There are many options for depositing funds with this company. The typical Bank Transfer and Credit Card are accompanied by a few of the cryptocurrencies: BTC, ETH, BCH, LTC and Dash. The fact not all of the available coins have their own wallets, is very unusual.

 

CryptoAllDay Disadvantages

 

The company will trade your funds

One of our biggest issues, which not all of those who register an a count with  CryptoAllDay will notice is the fact the company will trade for you. While a portion of the website looks like a typical broker, while another states they offer management service, a point in the Terms and Conditions states:

 

 

To put it in other words, this means the firm may manage your account however they seem fit. In case they are a Market Maker (i.e. a company which takes the other side of client trades), this results in a massive conflicts of interests.

 

Trading environment isn’t clear 

We weren’t certain for quire some time if this is a forex broker, without the traditional assets, or a cryptocurrency trading venue. Their website occasionally  mentions options, a bonus offer and your account manager playing a key role. This, alongside the bottom section of the website, leads us to believe this is a CFD broker:

 

 

Not regulated, registered offshore 

The majority of Cryptocurency exchanges are unregulated, simply due to a lack of regulatory framework available. That being said, multiple watchdogs (including ESMA, the European Securities and Markets Authority) have stated derivatives based on crypto should be regulated. CryptoAllDay doesn’t mention being under oversight from any appropriate agency and is based on the Seychelles, as you can see from the previous screenshot. An unregulated offshore company isn’t exactly the safest trading partner.

 

>>Reasons to avoid offshore brokers<<

 

PAMM system isn’t a true PAMM

On top of anything we have said so far, what this broker calls a PAMM, is actually their own team managing your investments. As we mentioned above, this may create an interesting situation, where the company has an incentive to lose your funds. A PAMM system connects you to other third party traders, which will only profit if you do as well.

 

 

>>A list of legitimate PAMM brokers<<

 

Costs of trading not presented

CryptoAllDay doesn’t tell potential clients the target spreads or fees or anything remotely related to the costs one will pay per each trade. Our calculation, based on the screenshot, posted in the beginning of the article, revealed a spread of roughly 1.75% on the BTC/ETH pair. While this may not be that bad, the fact it isn’t properly disclosed is.

 

Relatively high minimum deposit 

A $250 barrier for the smallest account type is a bit too much, when compared to other forex brokers, offering cryptocurrencies. While this may not sound too excessive, the entry requirements for the world of trading have been going down.

 

Withdrawal limits

Another interesting point we managed to find in the Terms and Conditions is the  $100 minimum withdrawal for credit cards and  $1000 for bank transfers. Both of these levels (and especially the second one) are an obstacle for somebody who has started trading, lost some funds and is then willing to cash-out the rest.

 

Conclusion

 

CryptoAllDay is an unregulated, offshore, cryptocurrency CFD company, which disappoints in a lot of ways. The fact they can trade on your behalf on any account and this is only mentioned in the legal documents is very disturbing. Given how it took us quite some time to realize this is a CFD broker and not an exchange, their entire presentation is less than ideal (or intentionally misleading).

 

No matter what the case may be, a broker offering derivatives on crypto must be regulated. You can find top-tier companies, which offer this service below

 

>>Our list of regulated crypto CFD brokers<<

 

The Pros and Cons of Crypto All Day, one more time:

 

Pros Cons
Nice charting The company will trade your funds
Many crypto-to-crypto pairs Trading environment isn’t clear 
Crypto payments accepted Not regulated, registered offshore
  PAMM system isn’t a true PAMM
  Costs of trading not presented
  Relatively high minimum deposit 
  Withdrawal limits

 

Latest news about CryptoAllDay
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Traders` reviews for CryptoAllDay

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Big scam

Big scam don’t try them or else you will loose all your hard earn money

Peter jame 12/05/2018

Avoid!!!!

Complete scam... You will lose all of your money guaranteed.. Please avoid like the plague.. You will not be able to withdraw.. Please please avoid.. Don't be fooled.

Paul howard 11/22/2018

Need my money back

dear Sirs,
I have put 70.000€ in your company, I can see it is growing well, but I GAVE you all the money I had and now I am totally broke! I want my money back soonest possible please? Steven will not help me, I have to wait 2 months he said, that is not a solution for now! Please refund me as quickly as possible.

Rachel van Engel 10/21/2018

Total scam

Do not whatever you do engage with this company and especially their consultant CHRIS TAYLOR!!!

It's a complete scam, they'll be very pleasant and responsive in the beginning until they have your money and then you'll struggle to speak with them again. They are thiefs plain and simple! We invested £1700 and only got £1000 bavk. The only reason we got any money back at all is because we threatened police action and had to go to so many other incredible lengths. Chris Taylor is quite possibly the most arrogant and manipulative person I've ever come across and is completely erratic. His female colleague who's name unfortunately escapes me screams down the phone at you trying to make out that we as the customer Are liers. She along with Chris Taylor clearly has mental health issues!! Please do not talk to any of these people! Disgusting human beings

Louise Duffy 10/20/2018

Avoid!!!!

A total scam.. Please do not invest. It's a classic scam..

Paul howard 10/15/2018

gangsters

hy ,i invest 42k,my account growing to 74k,and one h after ,they say ,negatif trading ,i lost everithing,and they don't give my one cent back.


CAN we do something ,for put this people in JAIL!!!!!!

alain MERTENS 10/11/2018

Been fooled

Crypto allday took my money and can't get it back can someone help me please

Paul 09/07/2018

Low life parasites

As you people put it, cryptoallday made huge profit on the dashboard for 6 months. When I asked to make a withdrawal they dubbeld the funds in 4 hours then lost it all. My feelings about them-. Low life parasites that need to be removed. Permanently. Rubbish.

Andre Louw 08/29/2018

CryptoAllDay is scam

they contacted me in the bigining of this year and explain me about crypt currency and bitcoin then i invested 5k euro,,then show me same profit and call me all the time by asking me invest more and more i invested total amount 18k,and my account was showimg before the close 35k andsuddenly i could not log in my account when i contacted them they deny my calls at the last one of my account managers answered at the whatsup numper and here is what he wrote me down :-you do not have the necessary funding for a maneged account, to recieve the assistant of broker kindly top up your account with capital,..the names they use this account manager who i work with before they robe me were 1.nick costas 2. Mark anders 3. elex bailey 4.brain 5. Mr Mandosa and mr Tailor the call Amerikan guy.they use acount numper Germany and poland sparekasse koblelz IBAN DE65570501200000266346.and i get another 2 account the robr people the Uk and one in poland,they steal the people aand keep their money thre different exchanges like CEX:IO and LUNO they have office in luxenberg and UK meybe it is cover but i am sure 100% at they are scam and no mercy like ice cold and mafia who are well argonized i wonder how they gonna enjoy that money and help their family and sleep peacfully.any advice or any body who can help to arrest this people i can suply more information.

Abdil Aziz ibrahim 08/27/2018

It is a scam

I invested money and they were very helpful and it was all positive. Then after I couldn't afford to put more money in, there attitude changed, I got taken off their platform and when I got back on my £6k had been reduced to £3k without any explanation. Then 3 weeks on and after many unfulfilled promises, it has gone down to £0. I am now taken legal action against them. They are all as bad as eaCh other within their office, whether it be Chris Taylor, Jessica, Andres , Brian and Alex. Ross who works on reception cant even transfer calls which tells a story. DON'T INVEST WITH THEM AS THEY SHALL STEAL FROM YOU.

Chris Duffy 08/16/2018

Cryptoallday.com scam

This site is a hoax. They show you good yields only to step in with bigger investments.You never get a withdrawle, not only small amounts and Just keep you buisy beleieving there lies.Don't make the mistake I don't give them your money! Andres, Brian etc big scammers!!!

Toby 08/09/2018

Scamm

I have started with them depositing $250.Everything was going well until the moment that I requested to withdraw funds.
They immediately closed my account and the money simply disappeared.The excuse was that this is not professional.
What professionalism have to do with the fact that I wanted my money.
I am certain it is a scam and the moment someone wants some money back with a stupid excuse the money are lost.
There are no official offices no telephone lines you can call.Just a whats app number.

Georgios Kakalis 07/24/2018

Crytoallday is a SCAMMM

They Scammed me for 500 euro

Roger McConaghy 07/13/2018

Bad experience with cryptoallday.com

I started working with cryptoallday on april, 16th, my staff manager was Thomas Friman (if that's his real name). I started with $ 251, during the various phone calls with Thomas, he persuaded me to pay more, a total of over $ 4,000. He then allegedly (so it was in the back office to look up) up to $ 8000 hochgetradet. But with every phone call he asked me to deposit everything I had in cryptocurrencies, so I became skeptical and did more research on the internet and read some bad experiences from former investors. Each time it was about the same story, until the request for payment and as long as the people have paid, everything went well. However, as soon as the money wanted to be paid out, the entire balance was lost with some risky trades. Unfortunately, it was exactly the same scheme for me, I had Thomas then said I needed all my urgent money, but he then let only a payout of 500 and said he must first discuss the payout with his boss that they already had any Trades planned. However, I had previously agreed with him that he only safe trades in terms of Bitcoin buy and sell agreed. In addition, the Bitcoins are on a Cold Storrage Wallet and therefore safe, but then it was said that Bitcoin had fallen by 20% and thus automatically sold. then also 3 times 1000 were put on different crypto currencies and allegedly lost although one could clearly see on tradingview that these trades would have to be won. Thomas then succinctly said that the market was against him and that everything was legitimate. I wrote to the support and the whole situation pointed out (luckily I have documented many things) whereupon my access to cryptoallday.com was blocked. Thomas Friman just said that everything was correct, although at the time of the payout I clearly told him not to do any more trades and he did just the opposite, putting huge amounts of money into risky trades.
The threat of an ad to the police has unfortunately brought nothing, so it is now a concern that this scam is publicized so that no further victims. So I would be very happy if you publish this report and could possibly give me some tips on what I could do to make life difficult for these scammers.

regards
Patrick

Patrick 06/04/2018

I lost $750.00

They are a scam company I losty $750.00 where by they just closed my account and I cannot reach them anymore on emails.I just need my money now,anyone to help get my money back please. Cryptoallday is a scam.

Observe Mushwana 05/30/2018
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